BPMG joins XPLA as validator

Singapore-headquartered Bitcoin mining company Bitdeer has outlined a roadmap of chip development which will culminate in the introduction of its most energy efficient mining chip to date, the “SEAL04” chip. According to a press release published by the company on June 6, the company outlined that it wanted to be transparent in demonstrating its plans over the short to medium term in terms of research and development and technological advancement.Photo by Michael Förtsch on UnsplashIterative progressionThe starting point for its roadmap is the SEAL01 chip, which the company introduced in Q1 2024. That mining chip was engineered using a four-nanometer process technology. It was developed in collaboration with a semiconductor fabricator albeit that the company has not disclosed the identity of that fabricator. That chip weighed in at 18.1 Joules/Terahash (J/TH). The SEAL01 represents the company’s first release relative to its SEALMINER technology.  Bitdeer feels that providing guidelines for technology releases will better inform market participants, and that’s important given that uncertainty creates a major difficulty for those operating in the Bitcoin mining space.  With that, Bitdeer is projecting a Q3 2024 release for its SEAL02 miner, which will clock up between 15 and 16.5J/TH. SEAL03 is scheduled for Q4 2024, with an efficiency boost taking it to between 11 and 12J/TH. Finally, the SEAL04 is scheduled for release in Q2 2025. That chip is expected to have an energy efficiency range as low as 5.5-6J/TH. The two most critical factors for Bitcoin miners to stay competitive include the cost of energy and the level of energy efficiency achieved by the mining equipment that is being used. It’s believed that the roadmap will help in managing miners’ expectations relative to technological advancement.  Gearing up for a post-halving mining environmentTo develop the SEALMINER equipment series, Bitdeer outlined last March that it had “assembled an international team of professional engineers specializing in chip design, firmware, and hardware engineering.” At that time, the company suggested that the new range of mining equipment would allow it to assist the Bitcoin mining community “in seizing opportunities following the 2024 halving event.” Alongside its chip development roadmap, the company came to the industry’s attention earlier this week with stablecoin issuer Tether acquiring a 25% stake in the Singaporean mining equipment developer, according to a filing with the U.S. Securities and Exchange Commission (SEC). This acquisition makes Tether the second-largest shareholder in Bitdeer, behind Victory Courage Ltd., which is registered to Bitdeer CEO Jihan Wu. Wu, who co-founded Bitdeer and served as CEO of ASIC manufacturer Bitmain previously, was appointed as CEO of Bitdeer in January. The appointment was made so that Wu could oversee what was expected to be a period of rapid growth at the company. In the June 6 SEC filing, Tether Holdings Limited disclosed control over 23,587,360 BTDR shares. This significant increase in holdings stems from a private placement deal closed with Bitdeer last week, enabling the Bitcoin miner to secure $100 million in financing. The deal also includes a warrant allowing Tether to purchase up to 5,000,000 additional shares at $10.00 each over the course of the next year. Bitdeer plans to use the raised funds to expand its data centers, develop ASIC-based mining rigs and support other general corporate purposes.  

The Chinese autonomous territory of Hong Kong is moving closer towards the issuance of stablecoin licenses, while 30 kilometers away on the Chinese mainland, the authorities in Shenzhen are warning against stablecoin investment scams. Hong Kong has set Aug. 1 as the effective date for its incoming Stablecoin Ordinance. Firms such as JD.com and Ant Group, an affiliate company of Alibaba Group, are understood to be interested in seeking licensing. Photo by ダモ リ on UnsplashSingle-digit license issuanceIn a recent interview with Chinese language newspaper Ming Pao, Christopher Hui, Hong Kong’s Secretary for Financial Services and the Treasury, outlined that stablecoin licenses are likely to be issued in 2025 following the passing of the Aug. 1 effective date, although he indicated that the number of licenses issued will remain in single digits. Hui hopes that stablecoins can address some of “the difficulties and pain points in the real economy,” like cross-border payments involving volatile local currencies. The official said that stablecoins can reduce transaction costs and facilitate cross-border transactions when based on fiat currencies and serving as effective payment tools. Yuan-based stablecoinsHui stated that the issuance of a stablecoin in Hong Kong which is based on the sovereign currency of another jurisdiction would only be permitted following “discussions with the relevant authorities."  It’s understood that the aforementioned Chinese e-commerce firms have been lobbying government for the approval of offshore yuan-based stablecoins. Last month, the Governor of the People’s Bank of China, Pan Gongsheng, acknowledged that stablecoins are disrupting global payments infrastructure. However, mainland China still has a mining and trading ban in place in relation to crypto, despite previous speculation that the country would open up to crypto. Hui expressed the view that where a stablecoin implicates another sovereign currency, there are additional risk factors that would have to be taken into account. Exploiting uninformed view of stablecoinsMeanwhile, 30 kilometers from Hong Kong, the authorities in Shenzhen have issued a warning to members of the public highlighting that scammers are exploiting the public’s uninformed view of stablecoins as a guise through which to lure victims into investment scams. They asserted that scammers are using new concepts, in this case stablecoins, for hype in an effort to peddle illegal fundraising, gambling, fraud and money laundering schemes.The Shenzhen Municipal Task Force Office for Preventing and Combating Illegal Financial Activities asked the public to report such schemes “engaged in illegal fundraising in the name of investing in stablecoins,” in order to enable the authorities to crack down on the illicit activity. The authorities added: "We urge the general public to remain rational in their investment decisions, avoid blindly trusting extravagant promises, develop a correct understanding of money and investment, stay alert to financial risks and avoid falling victim to scams." Last month, JD.com took to Weibo to warn the public that fraudulent JD stablecoins were being offered by scammers at a time when the company has yet to issue a stablecoin.

Korea’s Content Industry: Thriving Amidst Global Tech Advancements and Ambitious Plans“The global competition driven by the Internet and network platforms, artificial intelligence (AI), the metaverse, blockchain technology, and other unprecedented advancements in content technology is ushering in a new era,” Director Jo Hyun-rae of the Korea Creative Content Agency (KOCCA) said in his speech during the 10th annual South Korea Cultural Contents Forum at the Josun Palace Hotel in Seoul on Wednesday, where authorities from various agencies gathered to discuss the prospects, challenges, and hopes for the nation’s content industry.Photo by Ethan Brooke on UnsplashImportance of creative foundations and collaborative effortsJo emphasized his belief that the industry should be built on a foundation of creative talent, rich infrastructure, and financial resources, saying that the agency is actively pushing projects to provide production and financial support in the face of limited resources.“I believe that the creativity and spirit of ambition in our content industry, along with the support and efforts of our people, government, and media, including the Financial News, are shaping the status of K-content today,” he said.Growth and government initiativesAccording to the Ministry of Culture, Sports, and Tourism (MCST), the Korean content industry has seen remarkable growth over the past decade. Last year, the size of the industry exceeded KRW 148 trillion (approximately $111 billion), a growth of about 70% compared to ten years ago.Last year’s content-related exports also amounted to $13.3 billion, far surpassing the $10 billion scale of secondary battery exports and $8.1 billion in home appliance exports. “The Ministry recognizes the economic importance and potential of the content industry and is actively promoting comprehensive support measures to utilize it as an instrument of our national strategy, just like the semiconductor industry,” said Park Sung-won, Vice Minister of the MCST. He also mentioned plans to boost governmental support to encourage active investment in the industry and stimulate the creation of globally competitive works.“Even amid an overall economic downturn, the growth of K-content exports continues, which plays a significant role in our economy,” said Byun Dong-shik, President of local news outlet Financial News. “In light of this forum, I hope that the Korean cultural content industry, and our nation’s economy as a whole, can take another quantum leap forward.”